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The Latest Breaking News from Credit Suisse

Credit Suisse rescue receives initial snub from Swiss parliament

Switzerland's parliament on Tuesday failed to approve the 109 billion Swiss francs ($120.5 billion) of financial guarantees used to rescue Credit Suisse last month, in a first-round vote that was largely symbolic given the state had committed the funds.

Reuters

Credit Suisse failure 'would have crashed Swiss economy'

GENEVA: Switzerland’s finance minister says the country’s economy probably would have collapsed had Credit Suisse gone bankrupt.

Bangkok Post

The Swiss banking giant that just took over Credit Suisse isn’t afraid of empty office buildings. A wave of defaults doesn’t mean a tsunami, it says

Commercial real estate “headlines are worse than reality,” wrote UBS analysts in a report published on Thursday.

Fortune

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‘Too big to fail’ cannot be a licence to behave badly

City Voices: Time to get tough with the big banks

Evening Standard

Swiss cut up to $66M in bonuses for top Credit Suisse execs

The Swiss government says it’s ordered cuts to the bonuses of top executives of Credit Suisse worth tens of millions combined as the troubled bank heads toward a forced merger with rival UBS

The Independent UK

UBS bosses urged to avoid job cuts and hikes in their pay after Credit Suisse deal

Shareholders line up at AGM to criticise creation of $5tn mega-bank after takeover of smaller rival

The Guardian - UK

The world of finance faces an ethics check

No sentiment has been more palpable recently than a general distaste of bankers and their ethics.

Fortune

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Swiss regulators defend rescue of Credit Suisse via UBS deal

The head of the Swiss financial regulator has defended the rescue of Credit Suisse through a controversial takeover by rival bank UBS as the best solution with least risk of spreading a wider crisis and severe damaging Switzerland’s standing as a financial center

The Independent UK

‘I am truly sorry’: Credit Suisse chairman grovels with police security at his side as he apologizes for wiping out billions in shareholder value

“I apologize that we were no longer able to stem the loss of trust that had accumulated over the years, and for disappointing you,” Axel Lehmann said at the bank’s final shareholder meeting.

Fortune

Financial turmoil will be felt for years, says JP Morgan boss

Jamie Dimon says downfalls of Silicon Valley Bank and Credit Suisse have undermined confidence

The Guardian - UK

Saudi Arabia discloses investment in dozens of VCs

Saudi Arabia has invested in technology and other sectors in a bid to diversify the country’s economy away from oil.

Fortune

Furious Credit Suisse investors say bank’s board should be ‘put behind bars’

Shareholders lash out during final AGM as boss apologises for crisis that led to takeover of lender by UBS

The Guardian - UK

Credit Suisse shareholders get last crack at annual meeting

Once-venerable Credit Suisse could be heading into a firestorm as shareholders meet for what is shaping up to be their last crack at managers

The Independent UK

Balancing act: Why central banks are cautious after bank crisis

Central banks are seen treading carefully following the sudden collapses of Silicon Valley Bank and Credit Suisse.

Al Jazeera

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The Guardian - UK

Delaying NatWest share sales doesn’t matter. Just get the best price

A formal date can concentrate minds, yet the priority must be the achievement of value for the public purse

The Independent UK

Swiss prosecutors probe Credit Suisse ahead of UBS takeover

The Swiss attorney general’s office says it has opened a probe into the events surrounding embattled bank Credit Suisse, which is to be taken over by rival UBS

Bangkok Post

Rebalance your portfolio

Investors have been keeping an eye on assets offering a decent return this year amid global market volatility and an economic slowdown.

The Guardian - UK

Switzerland’s attorney general to investigate Credit Suisse takeover

Inquiry to focus on whether emergency state-backed UBS takeover breached criminal law

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Kiplinger

After the Recent Banking Crisis, What Can You Bank On?

Now would be a good time to take stock of how your nest egg may be exposed in a banking crisis. Here are five things you should know about.

The Independent UK

Credit Suisse takeover hits heart of Swiss banking, identity

Analysts say the UBS takeover of embattled rival Credit Suisse has shaken Switzerland’s self-image and dented its reputation as a global financial center

The Week

Banking crisis: has the city weathered the financial storm?

It was perhaps inevitable that, after the shock collapse of Credit Suisse, attention would switch to another European bank with “a patchy record”, said Lex in the FT.

Evening Standard

Silicon slump? How worried should we be about another financial crisis?

The collapse of Silicon Valley Bank has raised the spectre of another financial crisis. As the contagion appears to be spreading, Samuel Fishwick investigates how spooked we should be feeling

Salon

Credit Suisse helped rich dodge taxes

"Republican budget cuts have decimated the IRS's ability to root out this kind of offshore tax evasion scheme"

Fortune

What bank CEOs should tell clients to reassure their money is safe

It’s up to bank CEOs to convince clients that their money is safe.

The Independent UK

Asia stocks mostly rise after Wall St rally, bank fears ease

Asian shares are mostly higher following a rally on Wall Street as worries over banks following the collapses of several lenders in recent weeks recede

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